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HomeUncategorizedVanguard slashes Ola’s valuation by 35% to $4.8 billion

Vanguard slashes Ola’s valuation by 35% to $4.8 billion

Pooja Malik ( )

Artigiani Technologies, the parent company of cab ride-hailing aggregator Ola, has seen its valuation sliced by Vanguard by around 35% to $4.8 billion from its peak of $7.4 billion.

It is the third valuation deprecation of the ride-hailing platform by the same investor, as reported by VCCircle.

The US-based investment management firm valued its stake in Ola at $51,825,000 in August 2022, it reduced its holding to the tune of $33,865,000 at the end of February this year.

The cutback has come at a time when the company is expecting to go public next year.

Vanguard which first invested in Ola in 2015 cut the value of its investment by 45% between December 31, 2019, and June 30, 2020. It further reduced the value of its investment by 9.5% recently, bringing the company’s overall valuation from a little over $6 billion to about $3 billion.

In 2017, it also sliced Ola’s valuation by 41%, but marked it up in subsequent months. It’s also worth noting that Vanguard is a minority investor with less than 1% stake in the company.

Ola raised Rs 150 crore as a part of the Series J round in February last year, in its last funding round

The current macro environment has seen the valuations of multiple startup unicorns being re-adjusted. Earlier this year BYJU’S investor BlackRock, downsized its valuation to $11.5 billion from $22 billion. Subsequently, Oyo’s largest investor, SoftBank, sliced the internal valuation to $2.7 billion in September 2022.

Recently, Invesco, which led Swiggy’s latest round at a valuation of $10.7 billion, reduced the valuation to $5.5 billion.

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